History of Indian Aluminium Comp. Ltd.
1938
- The Comp. was Incorporated at Calcutta. The Comp. Manufacture aluminium & its semi-fabricated products. The Comp. acts as distributors for Alcan Asia limited Some of products manufactured are alloys, architectural sections, barns, chequered plates, circles, coils sheets, foils, stock silos, ingots, irrigation tubing, paste for plant and pigments, powder, plates, prefabricated house & sheds, rods, slugs, strips, structural sections & chemicals such as alumina calcined, alumina hydrated, carbon electrode paste, etc. The Company uses the trade name `INDAL'.
1944
- The Comp. changed its name from `Aluminium Production Comp. of India Ltd.' to Indian Aluminium Co. Ltd.
1950
- British Aluminium Co. limited & Jeewanlal [1929s], limited sold their shareholding in the Comp. to Alcan Aluminium Ltd., Canada.
1968
- In Jan., 2,580 No. of Equity shares issued on conversion of Loan Stock. In Feb., 60,08,459 rights equity shares issued [prem. 70 paise per share; prop. 1:1s]. 72 No. of Equity shares in 1969 & 312 equity shares in 1970 allotted on conversion of loan stock.
1972
- On 29th December, 60,07,275 bonus equity shares issued in the prop. 1:2.
1974
- During January-February the Comp. issued 31,90,477 equity shares at a premium of Rs 11 per share. As stipulated in the consent of the Controller of Capital Issues, the Comp. offered 12,42,132 equity shares to its Indian shareholders resident in India & registered on 20th November, 1973, in the proportion of 1:5. 4,89,670 No. of equity shares were reserved for allotment: 2,00,000 shares to Unit Trust of India, 1,89,670 shares to LIC & 1,00,000 shares to the employees of the Company. The balance 14,58,675 shares were offered for public subscription.
1977
- 84,85,455 Bonus Equity shares allotted in prop. 2:5 on 28.11.1977.
1978
- 40,000 pref. shares of Rs 100 each redeemed at Rs 105 per share.
1982
- 16,75,675 shares issued to financial institutions [prem. Rs 8.50 per shares] in part conversion of loans 11,29,730 shares issued in conversion of debs. [prem. Rs 8.50 per shares].
1986
- Government clearance was received for Company pre-sensitized aluminium lithyo sheet project in technical collaboration with Coates Brothers, p.l.c., U.K.
- The Comp. undertook to set up a unit for manufacture of professional grade multilayer printed circuit boards at Nanjangud [Mysores], a backward area in Karnataka State with an annual capacity of 30,000 square metres. This project was registered with DGTD.
- During April, the Comp. offered to the existing shareholders 20,00,000 - 15% secured redeemable non-convertible debentures of Rs 100 each on rights basis. Due to oversubscription, an additional amount of Rs 1.9 crores was retained. Thus debentures for a total amount of Rs 21.9 crores were allotted. A sum of Rs 5 crores was earmarked for normal capital expenditures & the balance Rs 16.9 crores was used to augment the long-term resources for working capital.
1987
- A technical collaboration agreement was signed with PCK technology division of Kollmorgen Corporation, U.S.A.
- During September, the Comp. offered 9,00,000 - 12.5% secured redeemable partially convertible debentures of Rs 500 each for cash at par to resident Indian nationals. 4,50,000 debentures were offered on rights basis to the shareholders in the proportion 1 deb.: 36 shares and 45,000 debentures were offered on preferential basis to permanent employees of Comp. [only 41,045 debentures were taken ups]. The remaining 4,05,000 debentures along with unsubscribed portion of the employees & shareholders quota of 71,235 debentures were offered to the public.
- The Convertible portion of Rs 200 of each debenture was to be converted into 10 equity shares of Rs 10 each at a premium of Rs 10 per share during November.
- The non-convertible portion of Rs 300 of each debenture was to be redeemed in 5 equal annual instalments commencing from November 1992.
- The equity holding of Alcan Aluminium limited in the Comp. was reduced to 39.88% by issue of partial convertible debentures worth Rs 45 crores to resident Indian nationals.
- 86,57,720 shares allotted in part conversion of 12.5% debentures till 31.12.1987.
1988
- [15 monthss], a new Comp. under the name Hirakud Power Comp. Ltd., was formed to set up a 67.5 MW thermal plant. The first boiler leased to Hirakud Power Company, limited for its 67.5 MW power plant dedicated to the Hirakud smelter was lit up in March 1993. This project become fully operational in March, 1994.
- The Comp. developed several new grades of hydrates & aluminas for use as fillers in plastic & in selected ceramic applications. Extruded & rolled products in special alloys were developed for Defence applications. Also, a new process was developed for making ferric alum which helped to improve productivity at lower costs. A new process route was established for producing white hydrate for import substitution.
- 3,34,440 shares allotted in part conversion of 12.5% debentures till 31.3.1989.
1989
- During March, the PCB unit was commissioned. A new Comp. Orissa Extrusions limited [OELs] was incorporated as a joint sector project with the Industrial Promotion & Investment Corporation of Orissa limited The project, at a total cost of Rs 15.6 crores, was licensed to manufacture 5,000 tonnes per annum of speciality extruded products. Equity participation of Comp. in OEL was to the extent of 25%.
- The Comp. developed an improved foilstock alloy, high elongation closure stock & heavy gauge anodising quality circles for making pressure cookers with a view to improving exports. New process route was developed for flat mill tempered products, pressure cooker circles and casting of rolling ingots.
- Intricate & heavy heat sinks were also produced. Other import substitution efforts were made at development of new stick lubricant for extrusions, semi-synthetic oil for cutting extruded sections & a paint for selective nitriding.
1990
- It was decided to expand the installed capacity of Company's alumina plant at Belgaum from 1,80,000 tonnes to 2,20,000 tonnes.
- The Research and Development wing at Belgaum developed improved grades of FRSS fillers for conveyor belting, hydrates for synthetic marble and quality papers, special quality aluminas for technical ceramics and high alumina refractory intermediates.
1991
- The Centre carried out extensive process studies for retrofitting the predesilication concept to the existing Bayer circuit, leading to reduction in capital investment for alumina plant expansion project.
- A new precipitation technique was developed to improve alumina quality. Metal & coating studies were undertaken by department to enhance surface finish of steel products. A process was developed for converting wet scrubker sludge a waste material from scrubker.
- The Comp. issued 17.5% non-convertible debentures aggregating Rs 30 crores on private placement basis: These are redeemable in three equal annual instalments beginning from January 1998 & at a premium of Rs 5 per debenture payable in January 1999.
1993
- The Comp. introduced a voluntary retirement scheme & training and redeployment of employees were also being carried out. The aluminium paste & powder operations at Kalwa were discontinued in April due to environmental reasons.
- One of potlines at Alumpuram Smelter which has suffered a breakdown in early year was reenergised after modernisation.
- A capacity of printed circuit board plant at Nanjangud was being enhanced by 25,000 sq. mtrs per annum. A capacity of 20,000 TPA was also being added to the special alumine manufacturing facility at Balgaum.
- With a view to improve the casing rolling & finishing capabilities, a major modernisation programme was started at Taloja.
1994
- The Comp. acquired a 26.5% stake in Annapurna Foils limited [AFLs], Hyderabad [A.P.s] under a rehabilitation proposal of BIFR approved in October by investing in 52,00,000 equity shares of AFL of face value of Rs 10 each for cash at par. The Comp. provides operational, marketing & managerial assistance to AFL.
- On 1st March, the Comp. issued GDRs representing 59,11,330 shares at a price of US $10.15 per GDR.
- The Company Belgaum smelter was fully de-energised in August 1992 due to high power tariffs & low metal prices endangering the viability operations of entire company.
- 130 electrolytic pots with an annual capacity of 18,000 tonnes of metal have therefore been put back in operation.
- Hirakud Power Co., Ltd., was amalgamated with the Company. The Company signed a joint venture agreement with Courtaulds plc group U.K. to establish an aluminium foil based laminated tube plant in Goa. Indal is to have a 30% stake in the new Company.
- During the year, the Comp. was actively pursuing the Utkal alumina project jointly with Hydro Aluminium as & Tata Industries limited for setting up a export oriented one million tonne p.a. capacity alumina plant.
- The Comp. undertook to implement the scrap recycling project at Taloja, Maharashtra next to the Company existing sheet plant.
- The Comp. was sponsored by Alcan Aluminium Limited of Canada [Alcans], the principal shareholder of Company. Alcan, has also provided the Comp. with necessary technical & engineering facilities in fulfilling its various expansion programmes & in attaining proficiency in the complicated operations of smelting and fabricating aluminium.
1995
- The Comp. is pursuing to set up a naphtha based captive power plant for the smelter at Belgaum. The Comp. is also in the process of finalising upgradation & expansion of its sheet & foil capacities in close consultation with Alcan.
- An electronic engraver was commissioned at the foil plant at Kalwa for improved quality of printing during the year.
- 23,703,994 Bonus equity shares allotted in prop. 1:2 on 27th September.
1996
- The Comp. undertook to set up a naphtha based captive power plant for the Belgaum smelter with a capacity of 100 MW on Build-cum-Operate Transfer [BOOTs] basis. Coastal Power Corporation, USA was selected to instal & run the power plant, which would enable the smelter to run to a capacity of 40,000 tpa.
- The Comp. improved its capacity utilisation of Cold rolling SMS mill at Belur & Taloja sheet mill while the Hirakud Smelter attained its expanded capacity of 30,000 tpa.
- A project for installation of sophisticated remelt furnace and casting facilities at Taloja was launched to addren the quality requirements of sheet plant.
- The existing plant at Lahordaga for production of Kaolin was to be produce Kaolin for paper, print & refractory use. Based on this the Company was to instal a 75-100 Ktpa Kaolin plant at Lohardaga in future.
- A Comprehensive upgradation plan drawn up with inputs from Alcan was being implemented in the sheet mills. A state-of-the-art integrated information & communication plan was to be implemented. Lease part for mining was awaited.
1997
- During the year, development work on new packaging & building product applications were initiated & new products were developed for can-ends for packaging fish & processed foods. Apart from this, non-foil laminates for tea industry & polyester foil for milk industry were also introduced into the market.
- The Comp. undertook a major sheet expansion-cum-modernisation programme at both Belur, West Bengal & Taloja, Maharashtra. The Company, also proposed to expand the alumina capacity to 510,000 tonnes per annum at Belgaum, Karnataka & to 100,000 tonnes per annum at Muri, Bihar.
- The Company, undertook to increase the generating capacity of the captive power plant at Hirakud from 67.5 MW to 144.5 MW. The Company has signed a Memorandum of Understanding with Tata Electric Companies with this regard.
- During the year, the New Remelt at Taloja, Maharashtra & Caster at Hirakud, Orissa were commissioned within the time scheduled.
- The profitability of rolled & semi-fabricated sectors, including extrusions was severely affected by sharp increase in import duties, demand stagnation & rise in administered costs.
1998
- Indian Aluminium Co Ltd [Indals] has signed a $40 million syndicated loan facility to finance the modernisation of its sheet-rolling facilities at Belur in West Bengal & Taloja in Maharashtra, according to a Comp. release.
- The US Trade & Development Agency has signed an agreement with the Indian Aluminium Comp. Ltd granting $500,000 towards a feasibility study for expansion & modernisation of Hirakud aluminium smelter in Orissa.
- Indian Aluminium Co. [Indals] is negotiating with Bihar State Mineral Development Corporation [BSMDCs] for a joint venture thermal power project in South Bihar.
- Indal had already signed the power purchase agreement with Coastal Power of US which was to set up the naphtha-fired captive power plant on a build-own-operate-transfer [BOOTs] basis.
1999
- Indian Aluminium Co. limited [Indals] is reviewing the operations of all its five joint ventures with the aim of controlling costs & improving its own margins.
- Indian Aluminium Comp. [Indals] has signed a new wage settlement with employees' unions at its Belur Works after months of tortuous negotiations.
2000
- Indian Aluminium Comp. Ltd [Indals] has awarded Rockwell Automation, a US-based Rockwell International Corporation a $1 million contract for an automation upgrade at its Taloja plant near Mumbai.
- Indian Aluminium Co. limited became a subsidiary of Aditya Birla flagship Comp. Hindalco Industries limited which has taken up a 74.6 per cent equity stake in Indal.
2002
- AAIFR approves Scheme of Amalgamation/Merger of Annapurna Foils with INDAL.
-Indal posted marginal hike in the net of Rs.1cr, it has posted after tax at Rs.117cr for the year.
-Indal informed BSE that it had shut down the pot lines at its Hirakud Complex in Orissa due to severe storm.
-The Indian Aluminium Company, Alupuram, Kalamassery has won commendation certificates for energy conservation from the State Level monitoring committee for energy conservation.
2003
-Indal comes out three outstanding strategy on leveraging ascendency in the upstream and downstream business, strengthening portfolio of highvalue products and pushing export volumes for bright future of company.
-Mr.S.C Jain, nominee of Life InsuranceCorporation of India has withdrawn.
-Indal decided to de-energize the smelter operations at Alupuram because of hike in power tariff.
-Indal has notified to shutdown its smelter plant at Alupuram near Kochi to KSEB due to increased power tariff.
-Indal has acquired stake in with Utkal Alumina International Ltd by increasing from 20% to 55% equity.
2004
-Indian Aluminium Comp. Ltd has informed that Mr. Aniruddha Sen has been appointed as Comp. Secretary of Comp. w.e.f. February 1, 2004 with cessation of Shri Sanjeeb Chatterjee as Comp. Secretary. Mr. Sen will also act as Compliance Officer.
-Indal acquires 51% equity stake in Suvas Holdings
